20160820 ppt on revenue accounting bfrs 15

Revenue from
Contracts with
Customers
BFRS 15

Membership and Association:
 Member of Council of ICAB (Highest Governing Body)
 Ex Member of Dhaka Regional Committee of ICAB
 Member of Institute of Internal Auditors - Bangladesh
 Life member of Gulshan North Club
 Life member of Banani Society
 Member Gulshan Health Club
 Active Rotarian.
As part of professional development programmers, Mr. Mahamud participated in large number of
training programs, seminars and workshops in the area of Financial Planning, Business
Integration, Merger & Takeover and Leadership & Change Management & IFRS in Singapore,
Thailand, India, Sri Lanka, Malaysia, UK and Indonesia etc.
Mr. Mahamud conducted a number of
training programs on IFRS, Contemporary
Assurances & Corporate Reporting issues,
Leadership & Business Performance
Evaluation for participant from various
leading MNCs and local conglomerates,
Bangladesh Bank, National Board of Revenue
& University Teachers. As a visiting resource
person, he also taught in some of the leading
business schools/Institute (ICAB/National
University).
Mahamud Hosain FCA is business graduate, fellow member of the Institute of
Chartered Accountants of Bangladesh [ICAB] and has diversified experience of
above 13 years in financial planning, financial system & control design, advisory
services in business integration & transition and project management
Paper Presenter

Revenue recognition and measurement is crucial to reporting financial
performance. In recent years, different entities operating within the same
business sector have adopted varying practices for revenue recognition,
which has led to marked variations in the timing and measurement of
revenue and hence profit. Aggressive earnings management policies have
resulted in questionable revenue recognition practices
An effective and credible accounting standard on revenue is
essential to ensure capital market confidence in corporate
reporting, which is the purpose of this standards.
BFRS 15 ….. Business Context & background
Mahamud Hosain FCA

- provides a single, principles based five-step model ;
Specific & improved guidelines of BFRS 15
- guide how and when an entity shall recognise revenue;
- require more informative, relevant disclosures.
- Methodical approach (similar to FASB Guidelines)
Mahamud Hosain FCA
However, Application of this guidance will depend on the facts
and circumstances present in a contract with a customer and
will require the exercise of judgment.

BFRS 15’s core principle is: an entity will recognise revenue
to depict-
To establish principle based guidelines:-
- the transfer of promised goods or services to customers
in an amount
-that reflects the consideration to which the entity
expects to be entitled in exchange for those goods or
services.
An entity shall consider the terms of the
contract and all relevant facts and
circumstances when applying this Standard
Mahamud Hosain FCA

The IASB and the FASB achieved their goal of reaching the same
conclusions on all requirements for the accounting for revenue
from contracts with customers.
As a result, BFRS 15 and Topic 606 are substantially the same.
However, there are some minor differences which are outlined
in the appendix to the Basis for Conclusions.
Overview of BFRS 15
Convergence & Integration among IASB’s pronouncement
This standard
summarizes the revenue recognition in single standard in place of BAS 11, BAS
18, SIC 31, IFRIC 13, IFRIC 15 & IFRIC 18
facilitates convergence with FASB GAAP/Pronouncement
Mahamud Hosain FCA

to
all
contracts
with
customers
Except:
BAS 17 Leases;
financial instruments and other contractual rights or
obligations within the scope of BFRS 9
BFRS 10 Consolidated Financial Statements,
BFRS 11 Joint Arrangements,
BAS 27 Separate Financial Statements,
BAS 28 Investments in Associates and Joint Ventures;
insurance contracts within the scope of BFRS 4; and
non-monetary exchanges between entities in the same line of
business to facilitate sales to customers or potential
customers
Scope_An entity shall apply this Standard
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Counterparty contract
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Contract scope in another standards
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Incremental costs of obtaining a contract
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Definition…
Contract liability
An entity’s obligation to transfer goods or services to a customer for which the
entity has received consideration (or the amount is due) from the customer.
Contract asset
An entity’s right to consideration in exchange for goods or services that the
entity has transferred to a customer when that right is conditioned on something
other than the passage of time (for example, the entity’s future performance).
Customer : A party that has contracted with an entity to obtain goods or
services that are an output of the entity’s ordinary activities in exchange
for consideration.
Contract: An agreement between two or more parties that
creates enforceable rights and obligations.
Mahamud Hosain FCA

Definition…
Stand-alone selling price (of a good or service)
The price at which an entity would sell a promised good or service separately
to a customer
Transaction price
The amount of consideration to which an entity expects to be entitled in exchange for
transferring promised goods or services to a customer, excluding amounts collected on behalf
of third parties.
Performance obligation
A promise in a contract with a customer to transfer to the customer either:
• a good or service (or a bundle of goods or services) that is distinct; or
• a series of distinct goods or services that are substantially the same and that have the
same pattern of transfer to the customer.
Mahamud Hosain FCA

Major Changes from Earlier Standards
Current Requirements New Requirements
BAS 11: Construction Contracts
BAS 18: Sales of Goods
BAS 18: Sales of Services
IFRIC 15 : Real Estate Sales
BFRS 15: Revenue from Customer
Contracts
Over time or at a point in time
BAS 18: Royalties
BFRS 15: New guidelines on royalties
revenue
IFRIC 13: Customer Loyalties Program BFRS 15 New guidelines with option of
additional goods/services & breakageIFRIC 18 : Transfer of Assets from
Customer
SIC 31 : Advertising Barter Transactions
BFRS 15: Guidance on non cash
considerations
Previously less guidelines on cost of
obtaining and fulfilling a contract
BFRS 15: New guidance on cost of
obtaining and fulfilling a contract
BAS 18: Interest
BAS 18: Dividend
BAS 39: Interest
BFRS 9: Dividend
Mahamud Hosain FCA

Major Changes from Earlier Standards
Current Definition New Definition
Revenue defined as
The gross inflow of economic
benefits during the period
arising in the course of the
ordinary activities of an entity
when those inflows result in
increases in equity, other than
increases relating to
contributions from equity
participants. [BAS 18 (7)]
Income arising in the course of
an entity’s ordinary activities
Income is defined as increases
in economic benefits during the
accounting period in the form of
inflows or enhancements of
assets or decreases of liabilities
that result in increases in
equity, other than those relating
to contributions from equity
participants.
Mahamud Hosain FCA

BFRS 15 …..replace/supersedes
BFRS 15 replaces/supersedes the following
standards and interpretations:
BAS 11 Construction Contracts [1979]
BAS 18 Revenue [1982]
IFRIC 13 Customer Loyalty Programmes
IFRIC 15 Agreements for the Construction of Real Estate
IFRIC 18 Transfers of Assets from Customers
SIC 31 Revenue - Barter Transactions Involving Advertising Services,
Mahamud Hosain FCA

Background of BFRS 15
In order to address the concern/gap (risen time to time), specific guidelines
through SIC & IFRIC were issued.
All the superseded standards cover their own areas & were revised subsequently.
IASB (and its predecessor) had relentlessly employed efforts to prescribe
proper accounting treatments in these areas. There was understood gap
with related GAAP issued by FASB.
After long time & due course of study of different accounting
pronouncements/GAAP issued by various national/international standards
setter/regulatory guidelines applied in different political boundary,
knowledge sharing with different standards setters across the globe,
inviting & consideration of comments from interested group, meeting with
expert group/researcher, IASB has finally issued BFRS 15 in May 2014.
Finally IASB has undertaken project to bring convergence with FASB
pronouncement/GAAP & integrate different standards in June 2002.
Mahamud Hosain FCA

Rationale for issuance of BFRS 15…..[in4]
Revenue is a crucial number to users of the financial statements in
assessing a company’s performance and prospects.
However, previous revenue recognition requirements in Bangladesh (International)
Financial Reporting Standards (BFRS) differed from those in US Generally
Accepted Accounting Principles (US GAAP) and both sets of requirements were in
need of improvement
Previous revenue recognition requirements in BFRS (BFRS 18 & BAS 11)
 provided limited guidance and,
 consequently, the two main revenue recognition Standards, BAS 18 and BAS 11,
could be difficult to apply to complex transactions.
 In addition, BAS 18 provided limited guidance on many important revenue
topics such as accounting for multiple-element arrangements.
In contrast, US GAAP
 comprised broad revenue recognition concepts
 together with numerous revenue requirements for particular industries or
transactions, which sometimes resulted in different accounting for economically
similar transactions.
Mahamud Hosain FCA

Rationale for issuance of BFRS 15…..
Hence convergence was very necessary and pursued to achieve through issuance of
new standards
Accordingly, the International Accounting Standards Board (IASB) and the US
national standard-setter, the Financial Accounting Standards Board (FASB),
initiated a joint project to clarify the principles for recognising revenue and to
develop a common revenue standard for BFRS and US GAAP that would:
remove inconsistencies and weaknesses in previous revenue
requirements;
 provide a more robust framework for addressing revenue issues;
 improve comparability of revenue recognition practices across entities,
industries, jurisdictions and capital markets;
 provide more useful information to users of financial statements through
improved disclosure requirements; and
 simplify the preparation of financial statements by reducing the number of
requirements to which an entity must refer.
Mahamud Hosain FCA

the nature;
the amount;
uncertainty of revenue; and
cash flows arising from a contract with a customer.
[employs significant emphasis on cash flow]
Value addition of BFRS 15 for disclosures..
It establishes the principles that an entity shall apply to report useful
information to users of financial statements about :-
IASB has made clear cut guidelines in respect of
coverage by another standards
Timing;
Mahamud Hosain FCA

Identify the contract(s) with a customer
Identify the performance obligations in the contract
Determine the transaction price (Amount)
Allocate the transaction price to the performance
obligations in the contract (How much)
Recognise revenue when (or as) the entity satisfies a
performance obligation
Five steps model….
Step 1
Step 2
Step 3
Step 4
Step 5
Mahamud Hosain FCA

the contract has been approved by the parties to the contract
the contract has commercial substance [(ie the risk,
timing]
it is probable that consideration is collectible
Step 1
the payment terms for the goods or services to be
transferred can be identified :Definite
Identify the contract with the customer
An entity shall account for a contract with a customer only when
all of the following criteria are met:-
each party’s rights in relation to the goods or services which
to be transferred can be identified: Definite
Mahamud Hosain FCA

Collectability
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Unilateral enforceable right to terminate
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Subsequent continuous review
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When to recognize advance as revenue
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When to combine contract
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Modification of contract
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a good or service (or a bundle of goods or services)
that is distinct; or
Step 2
a series of distinct goods or services that are
substantially the same and that have the same
pattern of transfer to the customer
Identifying performance obligations
At contract inception, an entity shall :-
(i) assess the goods or services promised in a contract with a
customer; &
(ii) identify as a performance obligation each promise to transfer to
the customer either
Mahamud Hosain FCA

When to consider contract modification as new contract
Mahamud Hosain FCA

each distinct good or service in the series that the entity
promises to transfer to the customer to be a performance
obligation satisfied over time; and
Same Pattern of Transfer
the same method to measure the entity’s progress towards
complete satisfaction of the performance obligation to
transfer each distinct good or service
a series of distinct goods or services that have same
pattern of transfer to the customer if both of the
following criteria are met
Mahamud Hosain FCA

Example
The after-sales support revenue should be deferred and recognised over
the next two years and should include a reasonable element of profit. This
is often computed by reference to similar contracts. The revenue deferred
on the after-sales ontract will be Tk 60,000 (cost and the 20% gross profit
on selling price) per annum.
The revenue to be recognised on the handover of the system
will be Tk 680,000 (Tk 800,000 – (2 x Tk 60,000))
On the last day of the current accounting period an entity completes the
handover of a new system to a client at an agreed price of Tk 800,000.
The price includes after-sales support for the next two years. The cost of
providing the support is estimated at Tk 48,000 per annum, and the
entity earns a gross profit of 20% on support contracts.
Mahamud Hosain FCA

sale of goods produced by an entity (for example, inventory of a manufacturer
resale of goods purchased by an entity (for example, merchandise of a retailer);
performing a contractually agreed-upon task (or tasks) for a customer
resale of rights to goods or services purchased by an entity (for example, a ticket resold by
an entity acting as a principal
providing a service of standing ready to provide goods or services or of making goods or
services available for a customer to use as and when the customer decides
providing a service of arranging for another party to transfer goods or services to a
customer
granting rights to goods or services to be provided in the future that a customer can resell
or provide to its customer
constructing, manufacturing or developing an asset on behalf of a customer
granting licences
granting options to purchase additional goods or services
Depending on the contract, promised goods or services may include, but are not limited to, the following
Distinct Goods/services
Mahamud Hosain FCA

the customer can benefit from the good or service either
on its own or together with other resources that are readily
available to the customer (ie the good or service is capable
of being distinct); and
Distinct goods/Services
the entity’s promise to transfer the good or service to the
customer is separately identifiable from other promises in
the contract (ie the good or service is distinct within the
context of the contract).
goods or services are distinct if both of the following
criteria are met
Mahamud Hosain FCA

An asset is transferred when (or as) the customer
obtains control of that asset.
Satisfaction of performance obligations
An entity shall recognise revenue when (or as) the entity
satisfies a performance obligation by transferring a promised
good or service (ie an asset) to a customer
Mahamud Hosain FCA

Control of an asset refers to the ability to direct the use of, and
obtain substantially all of the remaining benefits from, the
asset. Control includes the ability to prevent other entities
from directing the use of, and obtaining the benefits from, an
asset
Performance of Obligation…
Goods and services are assets, even if only momentarily, when they are
received and used (as in the case of many services).
Mahamud Hosain FCA

using the asset to produce goods or provide services (including public
services);
Benefits to derive…
The benefits of an asset are the potential cash flows that can be obtained directly or
indirectly in many ways, such as by:
using the asset to enhance the value of other assets
using the asset to settle liabilities or reduce expenses
selling or exchanging the asset
pledging the asset to secure a loan; and
holding the asset
Mahamud Hosain FCA

Performance obligations satisfied over time
the customer simultaneously receives and consumes the benefits provided
by the entity’s performance as the entity performs
the entity’s performance creates or enhances an asset (for example, work in
progress) that the customer controls as the asset is created or enhanced
the entity’s performance does not create an asset with an alternative use to the
entity and the entity has an enforceable right to payment for performance
completed to date
An entity transfers control of a good or service over time and, therefore, satisfies a
performance obligation and recognises revenue over time, if one of the
following criteria is met
Mahamud Hosain FCA

Measuring progress towards complete
satisfaction of a performance obligation
The objective when measuring progress is to depict an entity’s performance
in transferring control of goods or services promised to a customer
An entity shall apply a single method of measuring progress consistently
for each performance obligation satisfied over time
At the end of each reporting period, an entity shall remeasure its progress towards
complete satisfaction of a performance obligation satisfied over time
An entity shall recognise revenue over time by measuring the progress towards
complete satisfaction of that performance obligation.
Mahamud Hosain FCA

Measuring Method
output methods
input methods
In determining the appropriate method for measuring progress, an entity
shall consider the nature of the good or service that the entity promised to
transfer to the customer
Appropriate methods of measuring progress include
As circumstances change over time, an entity shall update its measure of
progress to reflect any changes in the outcome of the performance obligation.
Such changes to an entity’s measure of progress shall be accounted for as a
change in accounting estimate in accordance with BAS 8 Accounting
Policies, Changes in Accounting Estimates and Errors
Mahamud Hosain FCA

Reasonable measures of progress
An entity shall recognise revenue for a performance obligation satisfied over
time only:- if the entity can reasonably measure its progress towards
complete satisfaction of the performance obligation.
Appropriate methods of measuring progress include
In some circumstances (for example, in the early stages of a contract), an entity
may not be able to reasonably measure the outcome of a performance
obligation, but the entity expects to recover the costs incurred in satisfying the
performance obligation.
In those circumstances, the entity shall recognise revenue only to the extent
of the costs incurred until such time that it can reasonably measure the
outcome of the performance obligation.
Mahamud Hosain FCA

The transaction price is the amount to which an entity expects to be
entitled in exchange for the transfer of goods and services. When making
this determination, an entity will consider past customary business
practices
Step 3
Where a contract contains elements of variable consideration, the
entity will estimate the amount of variable consideration to which
it will be entitled under the contract.
Determine the transaction price
When (or as) a performance obligation is satisfied, an entity shall
determine the attributable portion of transaction price to recognise
revenue
uncertainty relating to variable consideration shall be taken under
consideration by limiting the amount of variable consideration that can be
recognised.
Mahamud Hosain FCA

Estimation of Variable Consideration
The expected value—the expected value is the sum of probability-weighted
amounts in a range of possible consideration amounts.
The most likely amount —the most likely amount is the single most likely
amount in a range of possible consideration amounts
An entity shall estimate an amount of variable consideration by using either of the
following methods, depending on which method the entity expects to better predict
the amount of consideration to which it will be entitled
An expected value may be an appropriate estimate of the amount of variable
consideration if an entity has a large number of contracts with similar
characteristics.
The most likely amount may be an appropriate estimate of the amount of
variable consideration if the contract has only two possible outcomes (for
example, an entity either achieves a performance bonus or does not).
Mahamud Hosain FCA

Constraining estimates of variable consideration
An entity shall include in the transaction price some or all of an amount of
variable consideration estimated only to the extent that it is highly probable that a
significant reversal in the amount of cumulative revenue recognised will not occur
when the uncertainty associated with the variable consideration is subsequently
resolved
Variable Consideration
Refund liabilities:
An entity shall recognise a refund liability if the entity receives consideration from a
customer and expects to refund some or all of that consideration to the customer.
A refund liability is measured at the amount of consideration received (or
receivable) for which the entity does not expect to be entitled (ie amounts not
included in the transaction price).
sales or usage-based royalty
A different, more restrictive approach is applied in respect of sales or usage-based royalty
revenue arising from licenses of intellectual property. Such revenue is recognized only when the
underlying sales or usage occur. [B63]
Mahamud Hosain FCA

Non-cash consideration
To determine the transaction price for contracts in which a customer promises
consideration in a form other than cash
Variable Consideration
The existence of a significant financing component in the contract
In determining the transaction price, an entity shall adjust the promised
amount of consideration for the effects of the time value of money if the timing of
payments agreed to by the parties to the contract (either explicitly or
implicitly) provides the customer or the entity with a significant benefit of
financing the transfer of goods or services to the customer.
Reassessment of variable consideration
At the end of each reporting period, an entity shall update the estimated transaction price
(including updating its assessment of whether an estimate of variable consideration is
constrained) to represent faithfully the circumstances present at the end of the reporting
period and the changes in circumstances during the reporting period
an entity shall measure the non-cash
consideration at fair value.
Mahamud Hosain FCA

An entity shall account for consideration payable to a customer as a reduction of the
transaction price…..Off Setting
Consideration payable to customer
Consideration payable to a customer also includes credit or other items (for example,
a coupon or voucher)
Consideration payable to a customer includes cash amounts that an entity pays, or expects to
pay, to the customer (or to other parties that purchase the entity’s goods or services from the
customer).
If the consideration payable to a customer includes a variable amount, an entity
shall estimate the transaction price
the entity recognises revenue for the transfer of the related goods or services
to the customer; and
the entity pays or promises to pay the consideration. That promise might be
implied by the entity’s customary business practices.
If consideration payable to a customer is accounted for as a reduction of the
transaction price, an entity shall recognise the reduction of revenue when (or as)
the later of either of the following events occurs:-
Mahamud Hosain FCA

To meet the allocation objective, an entity shall allocate the transaction price to
each performance obligation identified in the contract on a relative stand-alone
selling price
Step 4
Allocating the transaction price to performance obligations
when allocating the transaction price it shall be allocated to each performance obligation (or
distinct good or service) in an amount that depicts the amount of consideration to which the
entity expects to be entitled in exchange for transferring the promised goods or services to the
customer
Where consideration is paid in advance or in arrears, the entity will need to consider
whether the contract includes a significant financing arrangement and, if so, adjust
for the time value of money
Mahamud Hosain FCA

The best evidence of a stand-alone selling price is the observable price of a good or service when the
entity sells that good or service separately in similar circumstances and to similar customers
Allocation based on stand-alone selling prices
The stand-alone selling price is the price at which an entity would sell a promised good or
service separately to a customer
To allocate under this basis; an entity shall determine the stand-alone selling price at contract
inception of the distinct good or service underlying each performance obligation in the contract
and allocate the transaction price in proportion to those stand-alone selling prices.
Adjusted market assessment approach—an entity could evaluate the market in which it sells
goods or services and estimate the price that a customer in that market would be willing to
pay for those goods or services
Suitable methods for estimating the stand-alone selling price of a good or service
include, but are not limited to, the following:-
If a stand-alone selling price is not directly observable, an entity shall estimate the stand-alone selling price
Expected cost plus a margin approach—an entity could forecast its expected costs of
satisfying a performance obligation and then add an appropriate margin for that good or service
Residual approach—an entity may estimate the stand-alone selling price by reference to the
total transaction price less the sum of the observable stand-alone selling prices of other
goods or services promised in the contract
Mahamud Hosain FCA

Allocation of Discount
A customer receives a discount for purchasing a bundle of goods or services if the sum of the stand-
alone selling prices of those promised goods or services in the contract exceeds the promised
consideration in a contract
the entity regularly sells each distinct good or service (or each bundle of distinct goods or
services) in the contract on a stand-alone basis;
An entity shall allocate a discount entirely to one or more, but not all,
performance obligations in the contract if all of the following criteria are met:
the entity also regularly sells on a stand-alone basis a bundle (or bundles) of some of
those distinct goods or services at a discount to the stand-alone selling prices of
the goods or services in each bundle; and
the discount attributable to each bundle of goods or services is substantially the same as
the discount in the contract and an analysis of the goods or services in each
bundle provides observable evidence of the performance obligation
Mahamud Hosain FCA

one or more, but not all, distinct goods or services promised in a series of distinct goods or
services that forms part of a single performance obligation in accordance with paragraph
Allocation of Variable Consideration
one or more, but not all, performance obligations in the contract (for example, a bonus may
be contingent on an entity transferring a promised good or service within a specified period
of time); or
the terms of a variable payment relate specifically to the entity’s efforts to satisfy the
performance obligation or transfer the distinct good or service (or to a specific outcome
from satisfying the performance obligation or transferring the distinct good or service); and
An entity shall allocate a variable amount entirely to a performance obligation or to a distinct good or
service that forms part of a single performance obligation if both of the following criteria are
met:
Variable consideration that is promised in a contract may be attributable to the entire contract
or to a specific part of the contract, such as either of the following
allocating the variable amount of consideration entirely to the performance obligation or
the distinct good or service is consistent with the allocation objective considering all of the
performance obligations and payment terms in the contract.
Mahamud Hosain FCA

An entity shall allocate to the performance obligations in the contract any subsequent
changes in the transaction price on the same basis as at contract inception.
Changes in the transaction price
The resolution of uncertain events or other changes in circumstances that change the amount of
consideration to which an entity expects to be entitled in exchange for the promised goods or
services.
An entity shall allocate the change in the transaction price to the performance
obligations identified in the contract before the modification if, and to the extent
that, the change in the transaction price is attributable to an amount of variable
consideration promised before the modification and the modification is accounted for
In all other cases in which the modification was not accounted for as a separate contract,
an entity shall allocate the change in the transaction price to the performance
obligations in the modified contract
An entity shall account for a change in the transaction price that arises as a result of a
contract modification:
After contract inception, the transaction price can change for various reasons including:
Mahamud Hosain FCA

Contract costs
Incremental costs of obtaining a contract
An entity shall recognise as an asset the incremental
costs of obtaining a contract with a customer if the
entity expects to recover those costs.
The incremental costs of obtaining a contract are those
costs that an entity incurs to obtain a contract with a
customer that it would not have incurred if the contract had
not been obtained (for example, a sales commission).
Costs to obtain a contract that would have been incurred
regardless of whether the contract was obtained shall be
recognised as an expense when incurred, unless those
costs are explicitly chargeable to the customer
regardless of whether the contract is obtained.
Mahamud Hosain FCA

Contract costs
the costs relate directly to a contract or to an anticipated contract that the
entity can specifically identify
the costs generate or enhance resources of the entity that will be used in
satisfying performance obligations in the future; and
for example, costs relating to services to be provided under renewal of an existing
contract or costs of designing an asset to be transferred under a specific contract
that has not yet been approved
Costs to fulfil a contract:
If the costs incurred in fulfilling a contract with a customer are not within the scope
of another Standard, an entity shall recognise an asset from the costs incurred to fulfil a
contract only if those costs meet all of the following criteria
the costs are expected to be recovered.
Mahamud Hosain FCA

direct labour (for example, salaries and wages of employees who provide the promised services directly to
the customer
Costs that relate directly to a contract …
Costs that relate directly to a contract includes any of the following:
direct materials (for example, supplies used in providing the promised services to a customer);
allocations of costs that relate directly to the contract or to contract activities (for
example, costs of contract management and supervision, insurance and depreciation of
tools and equipment used in fulfilling the contract
costs that are explicitly chargeable to the customer under the contract; and
other costs that are incurred only because an entity entered into the contract (for
example, payments to subcontractors).
Mahamud Hosain FCA

costs of wasted materials, labour or other resources to fulfil the contract that were not
reflected in the price of the contract
Cost to expense off…
general and administrative costs (unless those costs are explicitly chargeable to the
customer under the contract)
costs that relate to satisfied performance obligations in the contract (ie costs that
relate to past performance); and
costs for which an entity cannot distinguish whether the costs relate to unsatisfied
performance obligations or to satisfied performance obligations (or partially satisfied
performance obligations)
An entity shall recognise the following costs as expenses when incurred:
Mahamud Hosain FCA

Amortisation & Impairments of Cost
An entity shall update the amortisation to reflect a significant change in the entity’s
expected timing of transfer to the customer of the goods or services to which the
asset relates
An asset recognised under this standard shall be amortised on a systematic basis that is
consistent with the transfer to the customer of the goods or services to which the asset
relates.
the remaining amount of consideration that the entity expects to receive in exchange for the
goods or services to which the asset relates; less
the costs that relate directly to providing those goods or services and that have not been
recognised as expenses
An entity shall recognise an impairment loss in profit or loss to the extent that the carrying
amount of an asset recognised exceeds
An entity shall recognise in profit or loss a reversal of some or all of an impairment loss
previously recognised when the impairment conditions no longer exist or have improved. The
increased carrying amount of the asset shall not exceed the amount that would have been
determined (net of amortisation) if no impairment loss had been recognised previously.
Mahamud Hosain FCA

Control of an asset is defined as the ability to direct the use of and obtain
substantially all of the remaining benefits from the asset. This includes the ability to
prevent others from directing the use of and obtaining the benefits from the asset.
Step 5
Recognise revenue when (or as) the entity satisfies a performance obligation
Revenue is recognised as control is passed, either over time or at a
point in time.
using the asset to produce goods or provide services;
The benefits related to the asset are the potential cash flows that may be obtained
directly or indirectly. These include, but are not limited to:
using the asset to enhance the value of other assets;
using the asset to settle liabilities or to reduce expenses
selling or exchanging the asset
pledging the asset to secure a loan; and
holding the asset.
Mahamud Hosain FCA

Presentation
When either party to a contract has performed, an entity shall present
the contract in the statement of financial position as a contract asset or
a contract liability
If a customer pays consideration, or an entity has a right to an amount of
consideration that is unconditional (ie a receivable), before the entity transfers a
good or service to the customer, the entity shall present the contract as a
contract liability when the payment is made or the payment is due (whichever is
earlier).
If an entity performs by transferring goods or services to a customer before the
customer pays consideration or before payment is due, the entity shall present
the contract as a contract asset, excluding any amounts presented as a
receivable.
This Standard uses the terms ‘contract asset’ and ‘contract liability’ but does
not prohibit an entity from using alternative descriptions in the statement
of financial position. If an entity uses an alternative description for a contract
asset, the entity shall provide sufficient information for a user of the financial
statements to distinguish between receivables and contract assets.
Mahamud Hosain FCA

Disclosure
The objective of the disclosure requirements is for an entity to
disclose sufficient information to enable users of financial statements
to understand the nature, amount, timing and uncertainty of revenue
and cash flows arising from contracts with customers.To achieve
that objective, an entity shall disclose qualitative and
quantitative information about all of the following:
its contracts with customers
the significant judgements, and changes in the judgements, made in applying this
Standard to those contracts
any assets recognised from the costs to obtain or fulfil a contract with a customer
An entity shall consider the level of detail necessary to satisfy the disclosure
objective and how much emphasis to place on each of the various requirements.
Mahamud Hosain FCA

Disclosure
Contracts with customers:
An entity shall disclose all of the following amounts for the reporting
period unless those amounts are presented separately in the
statement of comprehensive income in accordance with other
Standards:
revenue recognised from contracts with customers, which the entity shall disclose
separately from its other sources of revenue; and
any impairment losses recognised (in accordance with BFRS 9) on any receivables or
contract assets arising from an entity’s contracts with customers, which the entity shall
disclose separately from impairment losses from other contracts.
Mahamud Hosain FCA

Disclosure
Disaggregation of revenue:
An entity shall disaggregate revenue recognised from contracts with customers into
categories that depict how the nature, amount, timing and uncertainty of revenue
and cash flows are affected by economic factors.
In addition, an entity shall disclose sufficient information to enable users of financial statements to
understand the relationship between the disclosure of disaggregated revenue and revenue information
that is disclosed for each reportable segment, if the entity applies BFRS 8 Operating Segments
Mahamud Hosain FCA

Contract balances; opening, closing & movements
Other major Disclosure…
An entity shall disclose all of the following:
Performance obligations;
Transaction price allocated to the remaining performance obligations
Determining the transaction price and the amounts allocated to performance
obligations
Assets recognised from the costs to obtain or fulfil a contract with a customer
Determining the timing of satisfaction of performance obligations
Practical expedients/Measure: If an entity elects to use the practical expedient the
entity shall disclose that fact.
Mahamud Hosain FCA

BFRS 15 require a cohesive set of disclosure requirements providing users
comprehensive information
significant judgements, and changes in judgements, made in
applying the requirements to those contracts; and
Improvement Disclosure requirement [in8]
revenue recognised from contracts with customers, including the
disaggregation of revenue into appropriate categories
contract balances, including the opening and closing balances
of receivables, contract assets and contract liabilities
performance obligations, including when the entity typically
satisfies its performance obligations and the transaction price that
is allocated to the remaining performance obligations in a contract
assets recognised from the costs to obtain or fulfil a contract
with a customer.
a
b
c
d
e
Mahamud Hosain FCA

Methods for measuring progress towards complete
satisfaction of a performance obligation
Methods that can be used to measure an entity’s progress towards complete
satisfaction of a performance obligation satisfied over time in accordance with the
following
output methods
input methods
Mahamud Hosain FCA

output methods
Output methods recognize revenue
- on the basis of direct measurements of the value of
goods or services transferred to date to the customer
- relative to the remaining goods or services promised
under the contract.
Output methods include methods such as surveys of performance completed to
date, appraisals of results achieved, milestones reached, time elapsed and units
produced or units delivered.
When an entity evaluates whether to apply an output method to measure its
progress, the entity shall consider whether the output selected would
faithfully depict the entity’s performance towards complete satisfaction
Mahamud Hosain FCA

input methods
Input methods recognise revenue on the basis
- of the entity’s efforts or inputs to the satisfaction of a
performance obligation (for example, resources consumed, labour
hours expended, costs incurred, time elapsed or machine hours
used)
- relative to the total expected inputs to the satisfaction of that
performance obligation.
If the entity’s efforts or inputs are expended evenly throughout the
performance period, it may be appropriate for the entity to recognise
revenue on a straight-line basis
When a cost incurred does not contribute to an entity’s progress
in satisfying the performance obligation.
Mahamud Hosain FCA

Sale with a right of return
In some contracts, an entity transfers control of a product to a customer
and also grants the customer the right to return the product for various
reasons (such as dissatisfaction with the product) and receive any
combination of the following:
a full or partial refund of any consideration paid;
a credit that can be applied against amounts owed, or that will be
owed, to the entity; and
another product in exchange.
Mahamud Hosain FCA

Sale with a right of return
To account for the transfer of products with a right of return (and for
some services that are provided subject to a refund), an entity shall
recognise all of the following
revenue for the transferred products in the amount of consideration to which the entity
expects to be entitled (therefore, revenue would not be recognised for the products
expected to be returned);
a refund liability; and
an asset (and corresponding adjustment to cost of sales) for its right to recover products
from customers on settling the refund liability.
Mahamud Hosain FCA

Unlimited right to return
Q: Company A distributes VCDs and DVDs and allows key customers to
return any slow-moving stock. The returns could result in replacement
with other VCDs and DVDs or return of cash. Company A is able to
make a reliable estimate of the amount of returns. How should
Company A account for its revenues?
A: The entity has transferred to the buyer the significant risks and rewards of
ownership. Rrevenue should be recognised on initial delivery of the goods in an
amount that reflects a reduction for the estimated amount to be returned.
Mahamud Hosain FCA

Retention of Control
Non-cancellable purchase
order
Title is witheld
until payment
Company A
Customer
May Company A recognise revenue once its products have been shipped?
A : If a seller retains legal title “solely to protect the collectibility of the amount due”,
revenue recognition is not allowed.
Mahamud Hosain FCA

Warranties
It is common for an entity to provide a warranty in connection with the
sale of a product (whether a good or service). The nature of a warranty
can vary significantly across industries and contracts.
Some warranties provide a customer with assurance that the related
product will function as the parties intended because it complies with
agreed-upon specifications.
Other warranties provide the customer with a service in addition
to the assurance that the product complies with agreed-upon
specifications.
Mahamud Hosain FCA

Warranties
Whether warranty are separate pack (different
from Original Product)?
If Yes : (i) the warranty is a distinct service (ii) the entity
shall account for the promised warranty as a performance
obligation (iii) the entity shall allocate a portion of the
transaction price to that performance obligation over
warranty period
If No: (i) the entity shall account for the warranty in
accordance with BAS 37 ---in case of assurance on
specifications [based on experience of claim provide
provision]
(ii) If the promised warranty provides the customer with a
service in addition to the assurance. ---Transaction price
divide in Product & Service and Service price to allocate
Mahamud Hosain FCA

Principal versus agent considerations
When another party is involved in providing goods or services to a
customer,
- the entity shall determine whether the entity is a principal
(performance of contract obligation remain with the entity);
- the entity is an agent (performance of contract obligation remain with
other party) .
An entity is a principal if the entity controls a promised good or service
before the entity transfers the good or service to a customer. [Merely
for legal reason; if entity has control, it does not qualify the entity as
principle]
When an entity that is a principal, it recognises revenue in the gross
amount in exchange for those goods or services transferred
Mahamud Hosain FCA

An entity is an agent if the entity’s performance obligation is to
arrange for the provision of goods or services by another party.
When an entity, the agent recognises revenue in the amount of any fee
or commission
An entity’s fee or commission is the net amount of consideration
that the entity retains after paying the other party the
consideration received in exchange for the goods or services to be
provided by that party.
Mahamud Hosain FCA

Advertising commissions
Revenue should be recognised for media commissions
for example running a series of advertisements,
when the related advertising appears
before the public.
Mahamud Hosain FCA

Franchise fees
Fees which are received for the use of continuing
rights, granted as part of a franchise agreement
should be recognised as revenue
as the services are provided, or
the rights are used, which is
performance of obligation by the entity.
Mahamud Hosain FCA

An entity is agent if
another party is primarily responsible for fulfilling the contract
the entity does not have inventory risk before or after the goods have
been ordered by a customer, during shipping or on return
the entity does not have discretion in establishing prices for those
goods or services
the entity’s consideration is in the form of a commission; and
the entity is not exposed to credit risk for the amount receivable from a
customer
Mahamud Hosain FCA

Customer options for additional goods or services
Customer options to acquire additional goods or services for free or at a
discount come in many forms, including sales incentives, customer
award credits (or points), contract renewal options or other discounts
on future goods or services
If, an entity grants a customer the option to acquire additional goods
or services on certain conditions like,
In such case, the customer in effect pays the entity in advance for
future goods or services
a discount for those goods or services to a customer in that
geographical area or market/buying of certain amount/qty/certain time
and the entity only shall recognises revenue when those future goods
or services are transferred or when the option expires
Mahamud Hosain FCA

Customers’ unexercised rights
Upon receipt of a prepayment from a customer, an entity shall
recognise a contract liability in the amount of the prepayment the
future.
An entity shall derecognise that contract liability (and recognise
revenue) when it transfers those goods or services and, therefore,
satisfies its performance obligation
Against customer’s non-refundable prepayment, the customer not
exercise all its contractual rights. Those unexercised rights are
often referred to as breakage
For breakage amount in a contract liability, the entity shall recognise the
expected breakage amount as revenue in proportion to the pattern of
rights exercised by the customer
If an entity does not expect to be entitled to a breakage amount, the entity
shall recognise the expected breakage amount as revenue when the
likelihood of the customer exercising its remaining rights becomes
remote
Mahamud Hosain FCA

Non-refundable upfront fees (and some related costs)
In some contracts, an entity charges a customer a non-refundable
upfront fee at or near contract inception
Examples include joining fees in health club membership contracts,
activation fees in telecommunication contracts, setup fees in some
services contracts and initial fees in some supply contracts
an entity shall assess whether the fee relates to the
transfer of a promised good or service
If the upfront fee is an advance payment for future goods or services
and, be recognised as revenue when those future goods or services are
provided.
The revenue recognition period would extend beyond the initial contractual
period if the entity grants the customer the option to renew the
Mahamud Hosain FCA

Licensing
A licence establishes a customer’s rights to the intellectual property of an
entity. Licences of intellectual property may include, but are not limited
to, any of the following:
software and technology;
motion pictures, music and other forms of media and entertainment;
franchises; and
patents, trademarks and copyrights
Mahamud Hosain FCA

Licensing
In addition to a licence, an entity may also promise to transfer other goods
or services to the customer. Those promises may be explicitly stated in the
contract or implied by an entity’s customary business practices, published
policies or specific statements
Granting licence is not distinct from other promised goods or services
in the contract, an entity shall account for the licence and those
other promised goods or services together as a single performance
obligation.
If the licence is / not distinct, an entity shall determine
whether the performance obligation (which includes the
promised licence) is a performance obligation that is satisfied
over time or satisfied at a point in time
Accordingly, the entity shall account the transaction price for licence
Mahamud Hosain FCA

Licensing…Determine the period of right under license
Whether an entity’s promise to grant a licence provides a customer with
(i) either a right to access an entity’s intellectual property or
(ii) a right to use an entity’s intellectual property,
Accordingly, the entity shall account the transaction price for licence
an entity shall consider whether a customer can direct the use of, and
obtain substantially all of the remaining benefits from, a licence
(i) at the point in time at which the licence is granted
(ii) throughout the licence period
Mahamud Hosain FCA

Sales-based or usage-based royalties
An entity shall recognise revenue for a sales-based or usage-based
royalty promised in exchange for a licence of intellectual property only
when (or as) the later of the following events occurs:
the subsequent sale or usage occurs; and
the performance obligation to which some or all of the sales-based or
usage-based royalty has been allocated has been satisfied (or
partially satisfied).
Mahamud Hosain FCA

A repurchase agreement is a contract in which an entity sells an
asset and also promises or has the option (either in the same
contract or in another contract) to repurchase the asset.
Repurchase agreements
The repurchased asset may be :-
(i) the asset that was originally sold to the customer/an asset
that is substantially the same as that asset, or
(ii) another asset of which the asset that was originally sold is a
component
Repurchase agreements generally come in three forms:
an entity’s obligation to repurchase the asset (a forward);
an entity’s right to repurchase the asset (a call option); and
an entity’s obligation to repurchase the asset at the customer’s request
(a put option).
Mahamud Hosain FCA

Sale with buy back option
Company A
Bought back
for 60m$
Sold for 50m$ - agreed to buyback at 60m$
Title is
transferred at
delivery
Should Company A recognise revenue and cost of goods sold
at the time of delivery?
A : No. Company A has not transferred to the buyer the control of the
assets. Transaction is in the nature of a financing arrangement.
Mahamud Hosain FCA

Sale with buy back option
a) Company A retains benefit of ownership (ability
to profit from price difference). If significant,
revenue should not be recognised until expiration.
b) If A had the right to buy back at market price and
the goods are readily available in the market,
revenue is recognized at the time of delivery.
Mahamud Hosain FCA

Sales Where are Seperately Identıfıable Components
Q : Company Z operates a chain of supermarkets and they have just launched their
campaign for the month of Ramadan. The campaign includes a fixed price of 240
TL for a Ramadan pack which includes an assortment of different food products, an
alarm clock, 5 time free car washing service from the car washing centers operated
next to the supermarkets (the car washing service is owned by Company Z) and cell
phone top up card for 1,000 minutes to be used in the mobile virtual network
operated by Company Z.
How should Company account for the 240 TL received from the
customers of this campaign?
A: BFRS 15 requires to apply the recognition criteria to the
separately identifiable components of a single transaction in
order to reflect the substance of the transaction.
As a result, Company Z would have to divide this pack to separately identified
components and recognise revenue separately for every component by
applying appropriate recognition criteria.
Mahamud Hosain FCA

A forward or a call option
If an entity has an obligation or a right to repurchase the asset (a
forward or a call option)
a lease in accordance with BAS 17 , if the entity can or must
repurchase the asset for an amount that is less than the original selling
price of the asset;
a financing arrangement in accordance with following
paragraph if the entity can or must repurchase the asset for an
amount that is equal to or more than the original selling price
of the asset
a customer does not obtain control of the asset because the
customer is limited in its ability to direct the use of, and obtain
substantially all of the remaining benefits from
the asset even though the customer may have physical possession of
the asset. Consequently, the entity shall account for the contract as
either of the following:
Mahamud Hosain FCA

financing arrangement
If the repurchase agreement is a financing arrangement, the entity
shall continue to recognise the asset (not to recognize revenue) and also
recognise a financial liability for any consideration received from the
customer.
if applicable, as processing or holding costs (for example, insurance)
The entity shall recognise the difference between the amount of
consideration received from the customer and the amount of
consideration to be paid to the customer as interest
If the option lapses unexercised, an entity shall derecognise the liability
and recognise revenue
When comparing the repurchase price with the selling price, an
entity shall consider the time value of money
Mahamud Hosain FCA

Sales date
Nominal amount : 100$
To be paid in
180 days
180 days
Discounted amount :
95$
Interest income :
5$
When the arrangement effectively constitutes a financing transaction,
(e.g. an entity may provide interest free credit to the buyer or accept a note receivable
bearing a below-market interest rate from the buyer), the fair value of the consideration
is determined by discounting all future receipts using an imputed rate of interest.
Discounted at
market rate
financing arrangement
Mahamud Hosain FCA

A put option
If an entity has an obligation to repurchase the asset at the customer’s
request (a put option) at a price that is lower than the original selling
price of the asset
To determine whether a customer has a significant economic incentive
to exercise its right, an entity shall consider various factors:
(i) the repurchase price to the expected market value of the asset at the
date of the repurchase;
(ii) and the amount of time until the right expires
the entity shall consider at contract inception whether the customer
has a significant economic incentive to exercise that right
if the customer has a significant economic incentive to exercise that
right, the entity shall account for the agreement as a lease in accordance
with BAS 17.
Mahamud Hosain FCA

A put option
If the customer does not have
a significant economic incentive to exercise its right at a price that is
lower than the original selling price
the entity shall account for the agreement as if it were the sale of a
product with a right of return
If the repurchase price of the asset is
(i) equal to or greater than the original selling price and
(ii) more than the expected market value of the asset,
the contract is in effect a financing arrangement and, therefore, shall
be accounted for accordingly
Mahamud Hosain FCA

Consignment arrangements
When an entity delivers a product to another party (such as a
dealer or a distributor) for sale to end customers, the entity shall
evaluate whether that other party has obtained control of the product at
that point in time.
A product that has been delivered to another party may be held in
a consignment arrangement if that other party has not obtained
control of the product
Accordingly, an entity shall not recognise revenue upon delivery of a
product to another party if the delivered product is held on consignment
Mahamud Hosain FCA

GOODS SHIPPED FOB SHIPPING POINT BUT
SELLER ARRANGES SHIPPING
No. While title has passed, Company A has retained a significant risk of
ownership. The fact that Company A's insurance would cover a substantial
loss is evidence that it has managed its risk, but Company A has still retained
the risk.
Company A FOB Shipping
Point
Assumed
risk during
shipment
Insured by
Company A
Mahamud Hosain FCA

GOODS SHIPPED FOB DESTINATION BUT
SHIPPING COMPANY ASSUMES RISK
No. While Company A has managed its risk, it has not transferred tisk to
the buyer.
Company A FOB
Destination
Mahamud Hosain FCA

Consignment arrangements
Indicators that an arrangement is a consignment arrangement include,
but are not limited to, the following:
the product is controlled by the entity until the sale of the
product to a customer of the dealer (other party)
the entity is able to require the return of the product or
transfer the product to a third party (such as another dealer);
the dealer does not have an unconditional obligation to pay
for the product (although it might be required to pay a
deposit).
Mahamud Hosain FCA

Bill & Hold arrangements
A bill-and-hold arrangement is a contract under which an entity bills a
customer for a product but the entity retains physical possession of the
product until it is transferred to the customer at a point in time in the
future.
For some contracts, control is transferred either when the product is
delivered to the customer’s site or when the product is shipped,
depending on the terms of the contract (including delivery and
shipping terms).
For some contracts, a customer may obtain control of a product even
though that product remains in an entity’s physical possession
To recognises revenue for the sale of a product on a bill-and-hold basis,
the entity shall consider whether it has remaining performance
obligations
Mahamud Hosain FCA

Bill & Hold arrangements
Non-cancellable purchase
order
Company A Customer
Delivery is delayed on customer’s
request
Revenue can only be recognized only if the following are met :
– Delivery is probable
– Item is identified and ready for delivery
– Buyer specifically acknowledges the deferred delivery instructions
– Usual payment terms apply
– Buyer must have a substantial business purpose for bill and hold basis
Mahamud Hosain FCA

Customer Acceptances
A customer’s acceptance of an asset may indicate that the customer has
obtained control of the asset
Customer acceptance clauses allow a customer to cancel a contract or
require an entity to take remedial action if a good or service does
not meet agreed-upon specifications.
at the time of recognizing revenue an entity shall consider whether
customer obtains control of a good or service
If revenue is recognized before customer acceptance (as customer has
obtained control of the assets),
the entity must consider whether there are any remaining performance
obligations (for example, installation of equipment) and evaluate
whether to account for them separately
Mahamud Hosain FCA

Customer Acceptances
-Only if the probability of non-
acceptance can be reliably
estimable based on historical data.
Production Delivery Customer Acceptance Collection
Recognize revenue at
delivery with a provision for
estimated returns?
OR?
Wait until acceptance?
-Otherwise wait until earlier of
acceptance and expiry of
acceptance period.
Mahamud Hosain FCA

LAY AWAY SALES
Delivery is witheld until final payment
Total price :$2000
Upfront paid: $1200
Company Z's lay away policy requires that customers put down at least 25 per cent of
the sales price as an up-front, non-refundable deposit. Once a deposit is received, Z
identifies the product to be sold and segregates it in its warehouse.
Company Z's experience with lay away sales is that most sales are consummated with
an average six-month lay away period before the customer pays the entire sale
amount. How should Company Z account for the deposit received?
Mahamud Hosain FCA

LAY AWAY SALES
Revenue is recognized when a "significant" deposit is received. The
determination of whether a deposit is considered significant is a matter of
careful judgment, based on all of the relevant facts and circumstances.
In any case, the final conclusion should be supported by sufficient
objective evidence
In this case, the deposit is significant, and therefore, Company A would
recognise the sale for the home theatre for $2,000 with a receivable for
$800.
Mahamud Hosain FCA

TRADE LOADING" AND "CHANNEL STUFFING"
Sometimes manufacturers or dealers try to enhance the apparent volume
of their sales, profits, and/or market share by inducing their wholesale
customers to buy more product than they can promptly resell. The result is
accelerated, but not increased, volume, because the wholesalers'
inventories become bloated and their future orders from the
manufacturers are reduced. This practice is known as "trade loading" or
"channel stuffing".
How is revenue recognised in the case of trade loading or channel stuffing?
If the revenue recognition criteria in BFRS 15 for sales of goods are met, as
obligation to customer met, the revenue should be recognised. Revenue is
recorded net of the expected returns. Therefore, management must estimate
the amount of product to be returned.
Mahamud Hosain FCA

Changes in other BAS/BFRS
Contingent liabilities
56 After initial recognition and until the liability is settled, cancelled or
expires, the acquirer shall measure a contingent liability recognised
in a business combination at the higher of:
BFRS 3 Business Combinations
This requirement does not apply to contracts accounted for in accordance
with BAS 39.
(a) the amount that would be recognised in accordance with
BAS 37; and
(b) the amount initially recognised less, the cumulative
amount of income recognised in accordance with BFRS 15
Mahamud Hosain FCA

Changes in other BAS/BFRS
BFRS 1 First-time Adoption of International Financial Reporting
Standards
Revenue:
D 34: A first-time adopter may apply the transition provisions in paragraph C5 of
BFRS 15.
D 35: A first-time adopter is not required to restate contracts that were completed
before the earliest period presented
Mahamud Hosain FCA

Revenue…….& recap…
Preparer..Encounter
Recognition ….when to recognize
Ascertainment …How much…allocate over contract period?
Recording……..
Reporting….
Disclosures…
Off set/Netting off …is it allowed?
Matching principle…?
Related cost [guarantee…warranty…subsequent cost associated with
service/product….license….
Mahamud Hosain FCA

Questions
Answers
&
Mahamud Hosain FCA

Thank You!
Thank You!
Mahamud Hosain FCA

20160820 ppt on revenue accounting bfrs 15

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20160820 ppt on revenue accounting bfrs 15